Word: worldcom
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...born-again Christian and evangelical pastor, Minkow explains his religious devotion in one breath and in the next delves into the nitty-gritty of financial shakedowns. Though lately the press has focused attention on the crackdown on corporate fraud--with WorldCom executives finally coming to trial, for example--he says everyday Ponzi schemes are more prevalent than ever. According to the nonprofit National White Collar Crime Center, $40 billion is lost every year to such investor swindles. Current low interest rates are making matters worse, Minkow says, because retirees on fixed incomes are more vulnerable to shysters who promise higher...
...directors have been under close scrutiny and logging twice as many hours. Now the once cushy job could bring a crushing level of personal financial liability as well. That's the latest tremor to rock the business world. It springs from a deal in which 10 former directors at WorldCom (now MCI) will dig deep into their pockets to settle lawsuits stemming from the phone company's accounting scandal and plunge into bankruptcy...
Directors are almost never forced to ante up personally to compensate for the losses when a company implodes. But investors suing WorldCom, where the board routinely rubber-stamped decisions by CEO Bernie Ebbers and extended him undisclosed loans worth $400 million, were adamant that the directors feel the pain. To avoid going to trial, the WorldCom 10 agreed to pay a total of $18 million out of pocket, equal to 20% of their net worth, not counting their homes and pensions. Insurers will pay an additional $36 million. Enron directors recently cut a deal that has them digging...
Some view the extraction of personal assets as harsh in the case of WorldCom, where the directors were never found to have had knowledge of the company's crooked bookkeeping. (The directors owned so much WorldCom stock that they lost $250 million in its collapse.) In any event, the settlement could influence penalties in other high-profile cases, such as the shareholder suit against Walt Disney Co. directors over the $140 million paid to former president Michael Ovitz. Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware, says the WorldCom deal could have...
...UN’s conduct, not had his feet held to the fire as any other public figure would? What’s more, why have the people who blew the lid on this scandal not been honored? The women who blew open scandals at the FBI, Worldcom, and Enron were honored with extensive media coverage, interviews and eventually shared Time magazine’s person of the year award...